https://doi.org/10.25198/2077-7175-2020-3-42
ASSESSING INTERNATIONAL COMPETITIVENESS OF RENEWABLE ENERGY INDUSTRY IN KOREA AND ANALYZING ITS DETERMINANTS
Yoon,Youngmin
Attached Faculty of Economics, Lomonosov Moscow State University, Moscow, Russia / Participating Researcher in Asia-Pacific Research center, Hanyang University, Seoul, Republic of Korea
е-mail: yoonym81@gmail.com
Abstract. This article tries to assess the international competitiveness of Korean RES related products in the global market and its determinants. Many industrialized countries tires to take advantage in the newly growing market along with their national energy plans to develop renewables. The Republic of Korea is one of the represen-tative countries seeking the advantage. Therefore, assessing the international competitiveness of Korea in the RES related products market and analyzing determinants affecting the competitiveness has significances in both ways of understanding features of the Korean energy industry and features of the global RES related products market. RCA (Revealed Comparative Advantage) index is employed for assessing the international export competitive-ness of Korea in the global RES related products market and determinants affecting the index are estimated by using DOLS (Dynamic Ordinary Least Squares). RES related products of Korea have competitiveness in the global market. In particular, solar energy products have the higher competitiveness than other sources and it has shown a rapid growth rate for the last decade. To improve competitiveness it is effective for Korea to take economic policies that help technological advancement and improvement of productivity such as investments and education than energy policy for increasing production of renewable energy.
Keywords: renewable energy products, international competitiveness, RCA index, cointegration regression, RES related industry in Korea.
Cite as: Yoon, Youngmin (2020) [Assessing international competitiveness of renewable energy industry in Korea and analyzing its determinants]. Intellekt. Innovatsii. Investitsii [Intellect. Innovations. Investments]. Vol. 3, pp. 42–52. DOI: 10.25198/2077-7175-2020-3-42.
